Prestige Brands closes purchase of 15 GSK brands

IRVINGTON, N.Y. – Prestige Brands Holdings Inc. said it has completed its purchase of 15 of the 17 over-the-counter medicine brands that it agreed to acquire from GlaxoSmithKline (GSK).

Prestige Brands reported Tuesday that the transaction was finalized under the $660 million acquisition deal announced with GSK on Dec. 20, which called for Prestige to pay $615 million in cash at closing plus a customary post-closing inventory adjustment.

Plans call for the purchase of the remaining two brands to be finished during the first half of 2012, according to Prestige Brands.